India corn futures near lower limits on export ban

MUMBAI, July 4 (Reuters) - Indian corn futures nearly hit maximum lower limits of 4 percent for a second day on Friday after India banned corn exports till mid October, analysts said.

India's commerce ministry on Thursday banned exports of corn until October 15 to lift local supplies and tame prices, which have surged on higher overseas sales.

India had exported about 2.5 million tonnes of corn between October and June, up from about 0.4 million tonnes it exported in the 2006/07 marketing year. Corn marketing year runs through October to September.

Corn contributes 0.185 percent to the wholesale price index, which measures inflation in India.

At 10:59 a.m, September futures NMZQ8 were at 933.5 rupees per 100 kg, down 3.96 percent on the National Commodity & Derivatives Exchange (NCDEX).

BARLEY:

Indian barley futures opened higher on good domestic demand mainly from the beer makers, analysts said. Malted barley is used for making beer.

At 11:01 a.m, July futures NBLN8 was at 1,318 rupees per 100 kg, up 0.33 percent on NCDEX.

However, gains were limited on expectations exports may slowdown after June due to the entry of rival Ukraine in the global trade, analysts said.

(Reporting by Sourav Mishra; Editing by Prem Udayabhanu)